Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
August 16, 2021
(AUSTIN) — August is “ABLE to Save” Month, and Texas Comptroller Glenn Hegar is promoting awareness of the program that helps provide financial security for Texans with disabilities.
The Texas Achieving a Better Life Experience (Texas ABLE®) Program is the state’s savings program for Texans with disabilities. It was established by federal and state legislation and is administered by the Comptroller’s office.
Texas ABLE is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits or have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions or a physician’s diagnosis of a qualifying condition.
“Texas ABLE allows parents of children living with disabilities to save and invest for their children’s future – and allows adults with disabilities to save to improve their own lives,” Hegar said. “I hope we can make the program available to even more Texans with federal passage of the ABLE Age Adjustment Act, which would expand eligibility to include those whose disability occurred before age 46, including many of our veterans.”
ABLE account withdrawals, including any earnings, are not subject to federal income tax if used for qualified expenses related to the eligible individual’s disability and for maintaining or improving his or her health, independence or quality of life. For more information on Texas ABLE, including associated fees, or to open an account, call 844-4TX-ABLE (844-489-2253) or visit TexasABLE.org.
The program’s outreach team offers webinars to provide an overview of the program including details on eligibility, contributions, qualified disability expenses and the U.S. Bank® Focus Card – our prepaid debit card option. Go to the Texas ABLE Program website for information about how to register to attend upcoming webinars.
The Texas ABLE® Program is established and maintained by the Texas Prepaid Higher Education Tuition Board. Orion Advisor Solutions, Inc. (“Orion”) is the program manager, and the Program is distributed by Northern Lights Distributors, LLC (“NLD”) and administered by Gemini Fund Services, LLC (“Gemini”). NLD and Gemini are not affiliated with Orion.
Other than FDIC insurance for the Bank Savings Account Option, accounts are not insured or guaranteed and could lose money (including the principal invested). Before investing in the Program, investors should carefully consider the federal and state tax consequences, possible negative effects on eligibility for federal or state benefits, possible Medicaid recapture, investment objectives, risks, administrative fees, service and other charges and expenses associated with the Program. The Program Disclosure Statement and Participation Agreement contains this and other information about the Program and may be obtained by visiting TexasABLE.org or by calling 844-4TX-ABLE (844-489-2253). Investors should read the Program Disclosure Statement and Participation Agreement carefully before investing.